A major French bank issues its first stablecoin “EURCV” on Ethereum and lists it on Bitstamp.

Listed on Bitstamp

SG-FORGE, a subsidiary of Société Générale, a major French bank, has launched EUR CoinVertible (EURCV), a euro-linked stablecoin issued on the Ethereum blockchain.

Euro stablecoins already exist, but this is the first time a French bank-backed stablecoin has been issued on a public chain. This is an important development in the stablecoin market.

EURCV is a low-volatility crypto asset (virtual currency) that is distributed using the ERC20 token standard and aims to hold the same value as the euro. The stablecoin is backed by euro-denominated cash deposits and cash equivalents, with legal structures in place to ensure segregated reserve assets and redeemability to token holders.

Bitstamp, a major crypto exchange based in Luxembourg, is the first exchange to accept EURCV. Starting on the 6th, trading pairs combining EUR CoinVertible (EURCV), Tether (USDT), and Euro (EUR), EURCV/USDT and EURCV/EUR, began trading.

Deposits and withdrawals through EURCV will initially be limited to investors whitelisted by Société Générale, and existing KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance procedures will apply when accepting digital token holders.

Flowdesk will serve as the liquidity provider and market maker for EURCV on Bitstamp. Flowdesk CEO Guillem Chaumont said, “Our partnership with SG-FORGE is extremely important in realizing the future of tokenized finance,” anticipating increased adoption of blockchain technology by financial institutions in the future. There is.

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Société Générale’s blockchain strategy

Societe Generale is France’s second largest bank after BNP Paribas. Its assets under management are approximately $1.658 trillion (approximately 243 trillion yen), equivalent to Mizuho Bank in Japan and Citibank in the US (as of the end of January 2023, according to LexisNexis). The subsidiary SG-FORGE is registered with French regulators as a digital asset custodian and digital asset service provider.

In November, Société Générale issued digital securities (security tokens) on the Ethereum blockchain, offering 10 million euros (approximately 1.6 billion yen) as senior unsecured corporate bonds with a three-year maturity called the Sustainable & Positive Impact Bond. Procured at. It was fully underwritten by institutional investors AXA and Generali.

The bond’s smart contract includes carbon footprint information and is publicly available. This allows issuers and investors to track and verify the carbon emissions associated with their bonds in real time.

connection:Société Bank of France issues digital securities on Ethereum